By Clarence Leong


Shares of Great Wall Motor Co. declined sharply in Monday morning trade following its June vehicle sales data, which showed a marginal increase from a year earlier that underperformed peers.

Great Wall Motor's Hong Kong-listed shares slid 9.3% to HK$13.24, taking year-to-date losses to 51%.

Auto makers were broadly weaker in Hong Kong. BYD Co., Geely Automobile Holdings Ltd. and XPeng Inc. each lost between 4.7% and 5.2%. The wider benchmark Hang Seng Index shed 2.5% to 21178.32.

Great Wall Motor said on Friday that its June sales rose 0.5% from a year earlier to 101,186 units, while sales in the first half declined 16%.

The slight increase in June sales fell short of the overall passenger-vehicle market's 41% growth, Daiwa Capital Markets analysts Kelvin Lau and Evelyn Zhang said in a note. For the first-half, Great Wall Motor also lagged the market's 3% growth, they added.

The analysts singled out the "disappointing sales volume" of two Great Wall Motor brands, Haval and WEY, noting that this is likely due to the lack of a type of chip which the company had flagged back in March.

Daiwa nevertheless keeps its buy rating on the stock, noting that the company had an order backlog of 200,000 units at the end of June.


Write to Clarence Leong at clarence.leong@wsj.com


(END) Dow Jones Newswires

07-10-22 2310ET